Farfetch is set to cut up to 30% of its total workforce as global ecommerce retailer Coupang takes ownership, Drapers has reported.

The luxury fashion retailer is expected to cut between 25% and 30% of its staff after new owner Coupang said it was looking to “streamline the business” and increase ”financial strength”. 

It is understood that Farfetch is looking to make cuts in its product design team and Farfetch Platform Solutions – its suite of commerce solutions and retail technology designed for use by brands and retailers.

This comes after Farfetch chief executive José Neves and other senior executives including the chief financial officer, chief operations officer, chief product officer and chief platform officer stepped down from the business last week.

In an internal memo, Farfetch said: “We have decided to streamline the business to allow us to operate from a position of financial strength. While it’s never easy to go through this process, this was a necessary decision to secure the future of our business.”

A Farfetch spokesperson said: “As we assessed key priorities and resources across the business, we made the difficult, but necessary, decision to reduce global headcount and redundant roles.

“This decision secures the future of the business and as a result, Farfetch can now operate from a position of strength and focus on what we do best: deliver exceptional experiences for brands, boutiques and customers.”